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Dublin: 10 °C Thursday 23 May, 2013

Governor of Central Bank to discuss state of economy with committee

The Oireachtas’ Finance Committee is to meet with Professor Patrick Honohan tomorrow, where they will discuss Irish banking.

Labour TD Ciaran Lynch
Labour TD Ciaran Lynch
Image: Leon Farrell Photocall Ireland.

THE STATE OF Irish banking and the current economy will be discussed when the Governor of the Central Bank of Ireland meets with the Oireachtas’ Committee on Finance, Public Expenditure and Reform.

Labour TD and chairperson of the Committee, Ciaran Lynch, said that Professor Patrick Honohan, Governor of the Central Bank of Ireland, will appear before them tomorrow.

Outlining what they plan to discuss, he noted that the committee has already met with the senior executives and Public Interest Directors at Ireland’s banks so that they can get a thorough understanding of the current state of individual Irish banks and the banking sector in general.

Economy

Deputy Lynch said that they will discuss matters relating to the economy, including banking and credit provision, with Honohan.

We will also be interested in getting Professor Honohan’s perspectives on the current state of our banking system, particularly in terms of a recently leaked document in which the Troika is reported to be still concerned about the fragility of Irish banks.

He explained that the Troika has also expressed concern about the low level of funding from banks to SMEs, and in light of this, and of the recent passing of the insolvency legislation, the Governor’s office will also be monitoring the banking sectors engagement with distressed mortgage holders.

“The meeting will also look at how the residential property market is performing in terms of new mortgages,” said Deputy Lynch.

A properly functioning banking system which provides credit to businesses and individuals is vital for the operation of our economy. The meeting tomorrow will give Members a chance to engage with Governor Honohan and raise any issues or concerns they may have in relation to these matters.

The meeting will start in Committee Room 4, Leinster House at 2pm, and can be watched live online.

Directors from AIB and Bank of Ireland who were appointed to ensure bailed out banks act in the public interest found themselves questioned by the committee in December.

Read: Bank directors to be asked if AIB and BOI are acting in public interest>

Read: Banking sector saw rise in deposits, decline in lending in 2012>

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Comments (22 Comments)

  • Central Bankers boohoohooohooo send shivers down my spine.What ever happened that letter we got from Europe and the goings on on the night before they rescued ze banks.

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  • Excellent, a discussion, an exchange of ideas. Irish bureaucrats simply love the oul exchange of ideas. We especially enjoy platitudinous expressions from bureaucrats that culminate in a commitment to change and address inequities in what is clearly a toilet that simply refuses to respond to the odd flush.

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  • MVM 15/01/13 #

    Even the head of the banks know the country is in a state so why are fg lying saying were doing better….oh yea fg have lied about everything else

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    • Sure, let’s tell the world our economy is crap. That’ll create loads of jobs…

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    • MVM 15/01/13 #

      Some religions just use suicide bombers

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    • David
      Im sure the rest of the world know, don’t be that niave, oh wait your an ardent FG supporter….

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    • MVM 15/01/13 #

      @david,no need they already know

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    • @david the rest of the world no how easily led and a basket case this country is and believe me we will see plenty of multi-nationals move here for the cheap to non-existent payment of corpo tax and the fact that workers rights in the private sector are being killed off by employers using the recession to enforce cheap labor and working conditions so dont worry

      Reply
    • “The money powers prey upon the nation in times of peace and conspire against it in times of adversity. It is more despotic than a monarchy, more insolent than autocracy, and more selfish than bureaucracy. It denounces as public enemies all who question its methods or throw light upon its crimes. I have two great enemies, the Southern Army in front of me and the bankers in the rear. Of the two, the one at my rear is my greatest foe.
      -Abraham Lincoln

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  • …..As Patrick Honohan launched the Central Bank’s new €15 coin in Galway on 12th of December, we joined in with launch of our own €3.1 billion coin. Given that the Irish Central Bank were happy to create over €30 billion to give to Anglo on the strength of the promissory notes, we though we could offer to pay the next installment with money that we created.

    Despite recent claims to the contrary, the 2012 promissory note was paid in full. This was the second annual payment to the Anglo (or “IBRC”) zombie bank, so that it could pay back the central bank who in turn can remove it from circulation.

    Since the money will be destroyed anyway, the campaign has decided to launch it’s own commemorative coin. Vicky Donnelly explains the plan:http://www.youtube.com/watch?v=0FQJ0XWsZpI

    http://www.notourdebt.ie/new-coin-launched

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  • is it just me or does Ciaran Lynch look like Michael Barrymore?

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  • Of course, lots of chat about green shoots of economic recovery, the silly nonsense about the residential property market supposedly recovering, all on track for economic uplift, unemployment stabilised, ignoring emigration and that vast numbers of self employed who have lost businesses have no social benefits worth talking about and ignoring the elephant in the room, the huge iceberg of under provisions for mortgage impairments.

    Wilful delusion!

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  • What will they discuss? Will it be to increase the taking of people’s property through foreclosure or repossession? Why don’t the media ever use the word eviction? Why is it always repossession? Does anyone else but me not see that this is what banks do the world over since their inception?

    do they not lend money they create off of your signature, which is technically your money which they get you to “pay back” with interest? Do they know not everyone can pay? And as they repossess the property does that not Infer they possessed your property in the first place? is the system not stacked in the banks favour ? Even if the state owns the banks, if the banks are the ones creating currency are they not still in control of what happens? Isn’t that the ultimate goal of Banks, to own nothing but control everything? How many people here have any inkling of what the difference is between equitable and legal title? Does anyone here believe they control their property and not the banks? Just asking as I know nothing.

    Reply
  • Ciaran

    I know something that you don’t.

    Further details by searching in Google for ‘Windle stops swindle’

    Cheers

    A Taxi Driver

    Reply
  • One word should cover it..

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  • It’ll be some craic. Hope the have a few bucks like Hector to liven it up. Whaoo whaoo whaoo

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  • Get rid of the Nations Debt. Tax the bondholders99.99 cent on every Euro. That will nullify the Debt. When Jesus said pray and ask God to forgive us our Debts, he meant it. As Christians we must stand up against Injustice. As it is clearly unjust to expect poor people to pay the Debts of the Rich, it is only right that Christians should pray that the Debt be Forgiven; To Nullify the Debt, is to have the Debt forgiven.

    Reply

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